- The stock price of Plug Power Inc (NASDAQ: PLUG) increased over 80% this past week as it went from $34.39 on January 6 morning to $63.13 (as of 2:24 PM today). This is why it happened.
The stock price of Plug Power Inc (NASDAQ: PLUG) increased over 80% this past week as it went from $34.39 on January 6 morning to $63.13 (as of 2:24 PM today). There were several reasons why the stock price of the company has been increasing.
Plug Power — which is a company that develops fuel cell technology — was already seeing rapid growth since Joe Biden became President-elect in November. Biden had already declared that there would be significant investments in green energy under his administration.
A major reason why the stock price has gained significant momentum in recent days also has to do with an agreement with South Korea-based SK Group. The strategic arrangement provided SK Group with a 10% stake in Plug Power for a $1.5 billion investment.
And today the stock price jumped over 20% alone in intraday trading due to an announcement about a partnership with Renault. Plug Power and Renault will be making hydrogen-powered light commercial vehicles in Europe.
The 50-50 venture partnership is expected to launch in France by the end of 2021. And the initial deployments of vehicle fleets are expected by the end of the year.
Disclosure: I have a small PLUG position in my stock portfolio.